Three Macquarie analysts depart
Three analysts from Macquarie Investment Management's fundamental Australian equities team have announced their immediate resignation, including portfolio manager Neil Carter, according to Standard & Poor's.
Analysts Jim Copland and Matthew Griffin are also leaving Macquarie. As a result of the departures S&P have placed three Macquarie funds 'on hold', including the Australian Small Companies Fund and Australian Microcap Fund, which were managed by Carter.
S&P also placed the Macquarie High Conviction Fund on hold due to the significance of all three team members to the broader team, and the impact of their departure on the remaining team members.
Macquarie has a broad-cap team structure, in which Copland and Griffin were responsible for researching both large and small-cap resources companies, S&P stated.
In the interim, the Australian Small Companies Fund and Australian Microcap Fund will be overseen by senior colleagues, including listed equities division head Patrick Hodgens and portfolio manager Mark Harrison, who is responsible for the Macquarie High Conviction Fund.
The team has eight remaining analysts including Hodgens and Harrison and head of research Andy Kovacs, S&P stated.
S&P said it is monitoring developments and will reassess the on hold ratings when there is more clarity over the steps Macquarie will take in response to the departures.
Macquarie Funds Group said it does not comment on staff matters.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
